Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

9. EARNINGS PER SHARE

Basic earnings per share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to potentially diluted securities. The following table sets forth the computation of basic and diluted earnings per share:

	For the Year Ended December 31,
	2021		2020
Net income	$	3,281,251	$	274,341
Weighted average common shares outstanding:
Average number of common shares outstanding - basic		9,973,113		9,273,554
Net effect of dilutive unvested restricted stock awards included for treasury stock method		30,948		9,133
Average number of common shares outstanding - diluted		10,004,061		9,282,687
Earnings per common share
Basic	$	0.33	$	0.03
Diluted	$	0.33	$	0.03

Common stock dividends totaled $2,611,651 ($0.26 per share) and $2,427,401 ($0.26 per share) for the years ended December 31, 2021 and 2020, respectively.